Understanding your paycheck pdf

Mmddyyyy paycheck number displayed for employee self serve statements as well as a check you must cash. After tax deductions show which deductions are deducted from the employees groesarns ings after taxes have been applied. The document given to an employee by an employer showing wages and payroll deductions. Filing status and allowances for state and federal tax forms. The amount an employee contributes each pay period to a retirement plan. Direct deposit employers directly deposit the employees paycheck into hisher authorized account. The federal reserve bank of kansas city developed putting your paycheck to work fact sheets for employees to understand and make the most of their paychecks. When you view your pay stub, youll find two notable figures. This is the address we will use to mail your w2 if you have not elected to see it electronically. Reports the employees regular biweekly salary andor how many hours. In order to maintain confidentiality, employees must contact their company administrator with questions.

The biz kids use a modern american pay stub to explore deductions for social security and workmens compensation to the 401k plans of todayits all there on the stub. The terms pay check and pay stub are used interchangeably throughout this document. The lessons in each of these sections employ various teaching strategies to engage students so that they have opportunities to apply the concepts being taught. Employers pay their employees on a regular schedule. These six personal finance fact sheets and related activities can be used with high school. To locate your paycheck number, look at the bottom of the self serve statement under net pay distribution. This includes pay group, the pay period begin and end dates, business unit, advice number and the check date. To make changes, visit university personnel upd 3rd floor. Understand the difference between an employee and a contractor. Some people, however, are confused about why their check is less than they expected. The amount of money left after all deductions have been taken from the gross pay earned in a pay period. Wgis occur every year for steps 15 and every two years for steps 610. Services or privileges that an employer provides in addition to the employees salary or wages. Understanding your paycheck the numbers below all indicate one part of your paycheck.

If you believe your pay is not correct or if you have any questions, call the customer support center at 3039697732, 18006624324, or 888for1nbc 18883671622. People who earn more pay a higher percentage of their income in taxes. It will serve as a springboard for student learning, discussions, vocabulary exploration, and handson activities. Understanding your paycheck university of southern maine. You can always see your most accurate balances on your timesheet. Your pay stub shows all of the deductions from your paycheck and will look. What you earn based on your wages or salary is called your gross income. Understanding your state of california paycheck pay warrant understanding your state of california paycheck pay warrant 02020 page 1 of 1 1. Retirement plan indicates your assigned retirement plan. Understanding your paycheck thomas jefferson university. After a number of taxes and deductions are applied, youre left with your net pay, or the money thats available to you on your paycheck upon your initial payment, you might be surprised at the.

Your earnings is the amount of money you make based on your pay rate. The first step in reading your paychecks involves becoming familiar with the standard financial and tax information that appears on them. If the information differs, please contact the hr consultant who issued your contract. Checks may vary slightly from company to company, so if you have any additional questions, you can ask your human resources department. W is for wages, w4, and w2 standards and benchmarks see page a30 lesson description students compute the gross pay for fictional john dough given his hourly wage and. Understanding your paycheck human resources and payroll. Employee access, understanding your pay stub, and fast track instructions understanding your paycheck understanding your paycheck. Understanding your state of california paycheck pay warrant. Learn how to read your paycheck and understand paycheck deductions.

On your 12015 paycheck your balance as of 112015 appeared. The first step to understanding a paycheck is to understand the vocabulary associated with paychecks and the paycheck process. The employee is responsible for handling the paycheck. Understanding your paycheck most paychecks have two partsyour check stub and your paycheck. Take home personal finance for individuals with diverse abilities understanding your paycheck take home page 1 understanding your paycheck ur program and training materials contain information names images ictures logos icons documents and other material the ontent for the use and information of td ban customers and other articiants in the program. Get your copy of the american payroll associations 2019 understanding your pay ebook. Your lei relates to when you received your most recent within grade increase wigi. Employers pay their employees on a regular schedule known as a pay period. It is intended for adults with diverse abilities who want to understand the various line items on a paycheck where money is deducted. The payroll taxes taken from your paycheck include social security and. Understanding your paycheck and all the notations that go along with it is critical to managing your money and protecting your income. The paycheck stub is attached to the paycheck to show the deductions. February 2018 page 1 of 2 sample pay stub below is a sample oregon tech pay stub for a benefit eligible employee.

These deductions have no effect on taxable gross pay and are taken after taxes have been applied. How to read your paycheck stub rev april 20 nocccd. There are lots of details and deductions to consider, but knowing what to expect makes it easier. Vacation and sick time used are included in the hours and earning display. It is important to understand the breakdown of what is being withheld and what it is being used for. This is a perfect resource to reference when fellow employees have paycheck questions. On the first check dated 1142015, the information listed was your 112014 balance. Numbers below correspond with the sample to define what each box represents to employees.

For detailed information regarding what is on your w2, please refer to irs publication. Understanding your paycheck employee actions income and taxes view paycheck 1. Human resources employee access, understanding your pay. A detailed explanation of each numbered section can be found on the following page. Section b this is your home address on file in the payroll system. This brochure is designed to help you as an employee, understand your paycheck and provide contact information should you have any questions.

There are several places your money goes once you get paid. Your paycheck understanding your take home pay getting your first paycheck can be overwhelming. This understanding a paycheck and pay stub miniunit includes articles with questions for students to read, practice calculating gross pay, and an assessment. The employer physically provides the employee with hisher paycheck. Employers withhold or deduct some of their employees pay in order to cover payroll taxes and income tax. How much federal income tax was withheld from johns check. Understanding your payslip international staff mobility. If you have your pay directly deposited to your bank account, your paycheck will be a copy. Salary information this section shows your annual salary, salary plan, and grade and step level. Great for financial literacy, economics, and business classes. On the next page, find the number that corresponds to the part you want to learn more about. Your paycheck is your net pay, the money that is available for you to spend.

The les is a comprehensive statement of your leave and earnings showing entitlements, deductions, allotments, leave information, tax withholding information, thrift savings plan tsp and benefits paid by. Most paychecks come with a stub an attachment that shows the total earned and the deductions. When you get your first paycheck, you may be surprised at the different paycheck deductions. Marital status exemption extra exemption additional amount. The curriculum contains three sectionsknow your dough, kaching. The warrant number is the check number issued by the state controllers office in sacramento. Before and after tax deduction codes description on paycheck. As direct deposit is becoming more common, an employee is more likely to receive an email with a link to pay stub details versus a paper check. Lei shows when you received your most recent within grade increase wgi.

Wigis occur every year for steps 15 and every two years for steps 610. Independent living skills module i understanding your paycheck most employers pay their employees by check and, for many people, receiving that check is a very satisfying experience. Financial awareness basics fab understanding your paycheck. Money may also be deducted, or subtracted, from a paycheck to pay for retirement or health benefits. This is what you earned before any amounts were deducted. For pay statement signup instructions including registration passcode, please contact ntis hr department this page explains how to read and use the paycheck stubs adp provides to nti employees. Your pay stub shows all of the deductions from your paycheck and will look similar. Salary information this section shows your annual salary, salary plan, and grade and step. Employees are classified as either exempt from federal. This form will explain each section of the pay warrant and direct deposit advice. Determine what equipment is required to show the episode in your classroom and request it if needed. This is a guide to help you understand your leave and earnings statement les.